CoreWeave's third-quarter report, filed with the Securities and Exchange Commission on Nov. 10, had two parts. One was about scale: more revenue, more contracted power and a larger capital budget. The other was about how the company plans to pay for that buildout. At current yields, management said, CoreWeave will stop selling unsecured debt at the parent level through 2027. It will fund growth with loans tied to specific customer contracts and with cash customers pay upfront.

The stock rose 24.71% on Wednesday, Nov. 11, according to CNBC, which called it the company's best day since April 2025. SiliconANGLE reported that the shares had lost more than 40% in the month before the report.

The Quarter in Numbers

CoreWeave's earnings release (Exhibit 99.1 to its 8-K) put third-quarter revenue at $3,661 million, up from $1,365 million a year earlier. SiliconANGLE described that as 168% growth and compared it with an expected $3.55 billion.

Profitability depends on which line you read. The company reported operating income of $207 million and a net loss of $709 million. On its adjusted measures, it reported adjusted EBITDA of $2,256 million and adjusted operating income of $379 million, a 10% margin by the company's figures.

The release put the revenue backlog at about $132.5 billion as of Sept. 30, 2026. Management rounded that to about $133 billion on the earnings call, according to the Motley Fool transcript.

Power: Active Versus Contracted

The power figures matter most for utilities, site developers and the communities hosting campuses. CoreWeave reports two of them. The first is active power, the capacity already in service; on the call, management described it as critical IT load. The second is contracted power, the larger total it has under contract, which management said it converts to active power over time.

The release says CoreWeave added more than 200 MW of active power during the quarter, bringing the total above 1.7 GW. Contracted power grew by more than 900 MW to over 4.6 GW. The company said more than 1.3 GW of that contracted power is international, including sites in India, Indonesia and Spain.

For the end of 2026, CoreWeave expects more than 1.85 GW of active power, according to the release. It also said it brought online deployments of Nvidia's Vera Rubin NVL72 systems during the quarter.

Demand for future capacity appears tight, at least by the CEO's account. Michael Intrator told CNBC that the capacity CoreWeave has left for 2027 is "10x oversubscribed." Asked whether the U.S. midterm elections had affected data center delivery, he told CNBC he had seen no impact.

Raised Guidance and a Bigger Capital Budget

CoreWeave raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion. It expects adjusted operating income of $1.275 billion to $1.375 billion. CNBC reported that analysts surveyed by Visible Alpha had expected $1.07 billion.

The release sets 2026 capital expenditures at $37 billion to $39 billion. The previous range was $35 billion to $39 billion, so the low end moved up and the top stayed the same. CoreWeave expects fourth-quarter interest expense of $1.05 billion to $1.15 billion and an exit run-rate revenue of $20 billion to $21 billion, according to the release.

The Financing Shift

The cost of debt was the main theme of the call. SiliconANGLE reported that yields on some CoreWeave bonds had topped 16%, and CNBC reported that credit default swap spreads had earlier widened past 11%.

Chief Financial Officer Nitin Agrawal set out the company's response, as quoted by SiliconANGLE: "At current yields we do not intend to issue additional parent-level unsecured debt through 2027." He said the company's asset-level secured loans were trading around par.

The call transcript describes the structure CoreWeave is relying on:

  • Delayed-draw term loans (DDTLs). Management said these facilities finance 70% to 100% of the capex for a given customer contract, priced at 225 to 550 basis points over SOFR. In the quarter, according to the release, the company closed a $2.6 billion facility it calls DDTL 5.5.
  • Customer prepayments. Management said CoreWeave collected prepayments on 70% of its deals this year, in some cases up to 100% of contract value upfront. In the release, Intrator said about $9 billion in customer prepayments and deposits is expected over the next three months.
  • Equity-linked and equity capital. The release says the company raised about $4.2 billion in convertible notes and set up an at-the-market program for up to 35 million shares.
  • Hardware partners. Intrator said most of the company's 2027 capital needs will come from customer prepayments and hardware partners such as Nvidia, according to SiliconANGLE.

Management also said on the call that its weighted average cost of debt is 7.9%, down 250 basis points from a year earlier, and that it has already paid down more than $4 billion of debt.

For readers outside finance, here is what that means. The money for each new block of capacity is tied to a signed customer contract and to the hardware serving it, rather than borrowed against CoreWeave's general corporate credit. This suggests the pace of new capacity is closely linked to signed contracts and the prepayments that come with them, although the sources do not state that directly.

Read-Across to Peers

Other publicly traded AI infrastructure providers also rose on Nov. 11. CNBC reported that Nebius gained 15.44%, Applied Digital 7.37% and Iren 5.63%.

What Happens Next

The next financing step is already scheduled. Intrator told CNBC that another asset-level debt deal, which he said is already rated high investment grade, would launch within the next week or two and is expected to price at 7% to 7.5%. The company's own milestones are more than 1.85 GW of active power by the end of 2026 and, according to the release, the roughly $9 billion in customer prepayments and deposits Intrator said is expected over the next three months. CoreWeave's full-year results will show how the year finished against its $13.0 billion to $13.3 billion revenue guidance and its $37 billion to $39 billion capex range.

Sources